Meredith Corp. will temporarily cut pay for 60% of its employees and paused its dividend as advertising revenue takes a hit during the coronavirus outbreak, the company announced today. Reuters reports that the Des Moines-based company also rescinded its financial guidance for the year. Meredith joins a number of large news media companies including Gannett Co. Inc. and McClatchy Co. looking to slash costs through pay cuts, furloughs and layoffs as advertisers drastically cut spending. The tiered pay cuts will last from May 4 to Sept. 4, and some employees will work under reduced hours. Meredith also said it would freeze hiring and significantly reduce freelancers. About 2,200 of Meredith’s employees will get a 15% pay cut, and the company’s highest-paid employees will face reductions ranging from 20% to 40%.